Eeverything is on the table to cut cost and save the company. Commonsense tells you with rigs laying down and being released that not as many people are needed, plus the billion dollar plus budget cut. It is happening to all oil companies and not just Oxy. Pioneer just cut their budget by nearly 50%.
If you are running 20 rigs, and cut it to 10 that kind of says it all. You just need less people to run a smaller budget and smaller company. Nothing will surprise me in this environment. In the industry if you ever think your job is secure you made a huge mistake. Two weeks ago we were getting bonuses, and this week we are working from home with oil below 30.00 and stock below 12.00.